BEIJING, June 9 (Xinhua) -- The National Bureau of Statistics (NBS) announced that China's Producer Price Index (PPI), which reflects the costs of goods at the factory gate, experienced a year-on-year decline of 3.3 percent in May.

In addition to this annual decrease, the PPI also fell by 0.4 percent compared to the previous month, indicating a continuing trend of moderating prices in the manufacturing sector.

NBS statistician Dong Lijuan pointed out that the drop in the PPI can be partly attributed to decreasing international crude oil prices. This decline has had a cascading effect on domestic prices, particularly within the petroleum sector.

Moreover, there has been a seasonal slowdown in demand for energy and raw materials, exacerbated by an easing of coal prices and disruptions in construction activities due to unusually hot and rainy weather conditions in southern China.

The data from NBS further revealed that purchasing prices for industrial producers saw a year-on-year decline of 3.6 percent, underscoring ongoing pressures in the industrial sector.

On the consumer front, China’s Consumer Price Index (CPI), a crucial gauge for measuring inflation, reflected a minor decrease of 0.1 percent year on year in May, marking a period of subdued inflationary pressures across the economy.